LHYAX | High Yield Fund Class A | Lord Abbett

Tracked Funds

You have 0 funds on your mutual fund watch list.

Begin by selecting funds to create a personalized watch list.

(as of 12/05/2015)

Pending Orders

You have 0 items in your cart.

Subscribe and order forms, fact sheets, presentations, and other documents that can help advisers grow their business.

 

High Yield Fund

Track this Fund
Add to Hypo Tool

Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.
 

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core high-yield holding over a full market cycle.

Yield

Dividend Yield 1 as of 06/09/2023  

w/o sales charge 6.55%
w/ sales charge 6.41%

30-Day Standardized Yield 2 as of 05/31/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 7.09% 7.08%

Average Yield to Worst as of 04/28/2023

7.87%

Fund Basicsas of 04/28/2023

Total Net Assets
$4.37 B
Inception Date
12/31/1998
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.90%
Fund Net Expense Ratio
0.90%
Number of Holdings
615
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 2.29% -3.00% 2.29% 1.57% 3.50% 5.76%
Lipper Category Avg. High Yield Funds 3.15% -0.47% 2.79% 2.50% 3.14% -
ICE BofA U.S. High Yield Constrained Index 3.76% -0.09% 3.00% 2.92% 3.89% 5.99%
w/ sales charge 0.00% -5.14% 1.53% 1.11% 3.25% 5.66%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 2.69% -6.35% 5.63% 1.62% 3.70% 5.81%
Lipper Category Avg. High Yield Funds 3.23% -3.85% 5.45% 2.59% 3.28% -
ICE BofA U.S. High Yield Constrained Index 3.73% -3.51% 5.83% 3.05% 4.03% 6.03%
w/ sales charge 0.39% -8.44% 4.84% 1.17% 3.47% 5.72%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

RELATED CONTENT

A Powerful Trend That Could Support U.S. High Yield in 2022
December 6, 2021

We expect a surge in “rising stars”—upgrades of U.S. debt issues from high yield to investment grade—over the next two years.

Type Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Equity
Other
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 04/28/2023 View Portfolio

Rating Assets
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

22 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

32 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

15 Years of Industry Experience

Karen  J. Gunnerson
Karen J. Gunnerson

Portfolio Manager

13 Years of Industry Experience

Supported By 78 Investment Professionals with 17 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 06/09/2023  

w/o sales charge 6.55%
w/ sales charge 6.41%

30-Day Standardized Yield 2 as of 05/31/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 7.09% 7.08%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 2.29% -3.00% 2.29% 1.57% 3.50% 5.76%
Lipper Category Avg. High Yield Funds 3.15% -0.47% 2.79% 2.50% 3.14% -
ICE BofA U.S. High Yield Constrained Index 3.76% -0.09% 3.00% 2.92% 3.89% 5.99%
w/ sales charge 0.00% -5.14% 1.53% 1.11% 3.25% 5.66%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 2.69% -6.35% 5.63% 1.62% 3.70% 5.81%
Lipper Category Avg. High Yield Funds 3.23% -3.85% 5.45% 2.59% 3.28% -
ICE BofA U.S. High Yield Constrained Index 3.73% -3.51% 5.83% 3.05% 4.03% 6.03%
w/ sales charge 0.39% -8.44% 4.84% 1.17% 3.47% 5.72%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

Year Fund Returns ICE BofA U.S. High Yield Constrained Index
2022 -13.75% -11.16%
2021 6.15% 5.35%
2020 4.49% 6.07%
2019 15.07% 14.41%
2018 -5.15% -2.27%
2017 8.50% 7.48%
2016 15.84% 17.49%
2015 -2.26% -4.61%
2014 3.46% 2.51%
2013 9.69% 7.41%
2012 16.50% -
2011 3.15% -
2010 14.31% -
2009 50.51% -
2008 -23.42% -
2007 2.43% -
2006 9.94% -
2005 1.15% -
2004 10.42% -
2003 21.59% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 2.69% - - - 3.30%
2022 -5.43% -10.72% -1.48% 3.69% -13.75%
2021 1.73% 3.11% 0.63% 0.57% 6.15%
2020 -16.65% 10.72% 5.69% 7.13% 4.49%
2019 7.50% 3.77% 0.28% 2.86% 15.07%
2018 -1.07% -0.04% 2.54% -6.47% -5.15%
2017 2.82% 1.98% 2.45% 1.00% 8.50%
2016 2.01% 5.52% 5.46% 2.05% 15.84%
2015 3.05% 0.86% -4.23% -1.81% -2.26%
2014 2.92% 3.38% -1.83% -0.95% 3.46%
2013 3.97% -1.03% 2.51% 3.99% 9.69%
2012 6.63% 0.36% 5.06% 3.61% 16.50%
2011 3.82% 1.07% -7.02% 5.73% 3.15%
2010 4.93% -0.92% 6.33% 3.40% 14.31%
2009 5.95% 17.32% 14.23% 6.01% 50.51%
2008 -3.43% 1.99% -7.81% -15.68% -23.42%
2007 2.98% 0.17% 0.48% -1.17% 2.43%
2006 2.57% 0.01% 2.80% 4.27% 9.94%
2005 -1.74% 1.49% 0.87% 0.56% 1.15%
2004 1.07% -0.32% 4.34% 5.04% 10.42%
2003 4.06% 8.25% 2.40% 5.41% 21.59%
2002 1.51% -3.59% -3.78% 6.10% -0.10%
2001 5.14% -1.67% -3.99% 6.15% 5.36%
2000 -1.66% 0.99% 0.31% -2.65% -3.01%
1999 3.43% -0.11% -0.81% 3.99% 6.57%
1998 - - - - 0.80%

Growth of $10,000 as of 03/31/2023

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Equity
Other
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 04/28/2023

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 03/31/2023

  • The Fund continued to be primarily positioned in higher quality bonds with an emphasis on liquidity. In recent months, we have been focused on maintaining a balanced risk exposure within the Fund. That being said, we continued to favor higher quality credits and monitor spread risk. Specifically, we continued to focus on BB credits, targeting shorter duration bonds with high coupons / attractive carry. We also continued to be underweight CCC credits given their sensitivity to uncertainty in the economic environment. We remain diligent and selective with respect to increasing the Fund’s spread risk in the near term, particularly to Single B rated bonds.
  • We are constructive on the Basic Industry sector, which is the top overweight sector allocation. We continue to favor investments in the Basic Industry sector, primarily companies within the Metals and Mining and Steel subsectors. We believe these issuers have better upside potential given the recent selloff in more cyclical parts of the high yield space throughout the beginning of 2023. We also expect these companies to be supported by the economic reopening in China, which should provide a tailwind for commodity prices. We had also added to investments within the Building Materials subsector that yielded attractive entry points but have more recently trimmed this allocation in response to sensitivity to ongoing rate volatility. We also remain overweight certain defensive sectors like Utilities as a ballast to these cyclical overweights.
  • We continue to see potential opportunity in the Energy sector. The Energy sector continued to exhibit defensive characteristics, particularly as the high yield energy index trades at much tighter spreads than the overall high yield market. However, the sector pulled back this quarter amid a stretch of softer oil prices and concerns of a decreased global economic growth outlook. We reduced holdings that we believed yielded rich valuations as well as several lower-quality, higher beta high yield issues. However, we continue to believe that Energy issuers should continue to be supported by relatively higher oil prices given the ongoing inadequate global capacity issues. We also continue to view Energy as a much more defensive sector than in prior periods given relatively healthy balance sheets.
  • The Fund decreased its allocation to out-of-index sectors. We generally believe that select exposures to these sectors can offer attractive risk-reward opportunities, potential Fund diversification benefits and avenues for liquidity. Towards the tail-end of the quarter, we focused on reducing this allocation to non-index securities and adding to core high yield bond holdings. In February, prior to the banking-induced headwinds, we had added bank loans to the Fund due to their limited duration exposure relative to bonds, which we view as an effective hedge against interest rate risk, as well as their attractive yields relative to bonds. However, we specifically reduced bank loan exposure later in the quarter, as we believe the asset class may be more sensitive to recessionary impacts. We also pared down the Fund’s allocation to convertible bonds, lowering equity-like exposure. The Fund continued to hold modest allocations to EM bonds, as well as smaller allocations to investment grade bonds. Notably, exposure to non-benchmark asset classes resides at the lower end of the range of the last 12 months as we view the best relative value to be within the high yield sector.

Portfolio Details as of 04/28/2023

Total Net Assets
$4.37 B
Number of Issues
615
Average Coupon
5.75%
Average Maturity
5.67 Years
Average Effective Duration
4.06 Years
Average Yield to Worst
7.87%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 06/09/2023
$0.16051
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2023 $0.03354 $6.09
Daily Daily 04/30/2023 $0.03321 $6.20
Daily Daily 03/31/2023 $0.03109 $6.18
Daily Daily 02/28/2023 $0.03233 $6.13
Daily Daily 01/31/2023 $0.03034 $6.27

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
Daily Daily 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 - $0.0100 $0.0100 $7.45

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 06/09/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $6.28
$100,000 to $249,999 1.75% 1.50% $6.25
$250,000 to $499,999 1.25% 1.00% $6.22
$500,000 to $999,999 0.00% 1.00% $6.14
$1,000,000 to $5,000,000 0.00% 1.00% $6.14

Expense Ratioas of 05/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.90% 0.90%

Fund Documents

Fund Documents

Download fund documents & literature, create email subscriptions, and place direct mail order

0Documents selected
Order
n/a
Portfolio Holdings 1Q
Publish Date:11/03/2015
n/a
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

To order literature visit full website

You may add to your cart by selecting quantities in each row below.

No rows selected. Please Go back and select at least one fund document

 
Quantity
Quantity
Remove
Remove

The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

Select funds to run a Morningstar Hypothetical Report.

    Please confirm your literature shipping address

    Please review the address information below and make any necessary changes.

    All literature orders will be shipped to the address that you enter below. This information can be edited at any time.

    Current Literature Shipping Address

    * Required field